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Campaign to insure big banks act responsibly with taxpayers’ money

Campaign to insure big banks act responsibly with taxpayers’ money. SEIU 1000. Two Views Of The Crisis Official: an unfortunate global financial accident occurred Rare Small changes to regulatory structure suffice Alternative: Recurring

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Campaign to insure big banks act responsibly with taxpayers’ money

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  1. Campaign to insure big banks act responsibly with taxpayers’ money SEIU 1000

  2. Two Views Of The Crisis • Official: an unfortunate global financial accident occurred • Rare • Small changes to regulatory structure suffice • Alternative: Recurring • Massive change in financial structures in the US, caused by change in laws. Need to change laws, increase regulation to prevent it from happening again.

  3. What Is U.S. Official Strategy Exactly? • Direct: grants and loans • Indirect: fiscal stimulus, housing support

  4. THEFT Pronunciation: \ˈtheft\ Function: noun Etymology: Middle English thiefthe, from Old English thīefth; akin to Old English thēof thief Date: before 12th century 1 a: the act of stealing; specifically: the felonious taking and removing of personal property with intent to deprive the rightful owner of it b: an unlawful taking (as by embezzlement or burglary) of property

  5. lar⋅ce⋅ny [lahr-suh-nee] –noun, plural -nies.Law. the wrongful taking and carrying away of the personal goods of another from his or her possession with intent to convert them to the taker's own use. LARCENY

  6. The Trillion Dollar Bank Job How the Banks Are Holding Up America’s Economic Recovery

  7. Direct: TARP The Troubled Asset Relief Program What was it What has gone wrong What we are doing

  8. What is it?

  9. Indirect Cheap finance to banks Loan modification

  10. What Has Gone Wrong? As Economy Crashes, Banks Make A Killing On Overdraft Fees (Huff Post Oct 5, 2009) Foreclosure relief program is stuck in first(Washington Post Dec 11, 2009) The banking industry has reduced lending for five consecutive quarters, even as it has regained profitability thanks to vast public aid.(Washington Post Dec 14, 2009) Wall Street Plays Hardball:Taxpayers are taking another hit as strapped local governments fork over billions in fees on investments gone bad (Business Week Cover Story Nov 2009)

  11. What has gone wrong: • Bonuses • Cutting back on lending • Raising consumer fees

  12. $45,000 104,444,444 people

  13. 2 million homes in foreclosure…Another 2 million + more by the end of the year Small business lending down 42% 6 million jobs lost $350 billionin state budget deficits by 2011

  14. [T]here is no clear rhyme or reason to the way banks compensate and reward their employees… Thus, when the banks did well, their employees were paid well. When the banks did poorly, their employees were paid well. And when the banks did very poorly, they were bailed out by taxpayers and their employees were still paid well…[i] [i]Andrew M. Cuomo, “No Rhyme or Reason: The ‘Heads I Win, Tails You Lose’ Bank Bonus Culture,” Jul 2009, page 1,.

  15. Andrew Hall $100 million bonus in 2008 Mansion on Southport, CT Weekends at a castle in Germany

  16. Lloyd Blankfein 2007: $73.7 million 2008: $25 million

  17. Bank of America spent $10 million on 5 day superbowl extravaganza in 2009--$800,000 for tents alone

  18. Since the bailout: $321 million lobbying Top six banks: $ 28 million

  19. Lobbying in 2009 Bank of America: $890,000 Citigroup: $2 million Goldman Sachs: $630,000 Morgan Stanley: $935,000 AIG: $950,000

  20. Impact on California budget It’s time big banks started helping in Main Street’s recovery, not just their own by: Stopping all foreclosures. Providing affordable loans to state and local governments. Expand small business lending. Lower consumer credit interest rates.

  21. Oct. 16, 2009 (Bloomberg) -- White House officials say they are growing frustrated that the banking industry is fighting President Barack Obama’s plan to overhaul financial regulations after taxpayer bailouts helped firms restore profits and near- record compensation for executives. December 11, 2009 The house just passed the financial reform legislation.  It's a glass half full, and we'll have our work cut out for us in the Senate.   The Chamber of Commerce, the big banks, and the most unscrupulous bottom feeding lenders spent hundreds of millions of dollars to try to defeat any progress, but reform is moving ahead despite them. We are disappointed that Wall Street defeated a number of amendments that were essential to creating a system for regulating derivatives that would be effective in putting an end to the casino economy that was a fundamental source of the financial crisis.

  22. What you can do • Sign up to be a Main Street activist • Give us your info • Sign up with the international campaign at SEIU or with Americans for Fairness in Lending http://www.seiu.org/bigbanks/ • http://www.affil.org/ • Attend a rally • Read online, stay informed, talk to your co-workers about how this can help the budget deficit in California

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